As predicted in my earlier posts, Bitcoin rejected off my "bear last defense" zone starting around $44.1k. It continues to strike a similar pattern to the last 3 drawdowns this cycle, especially from a sentiment and supply perspective where a massive drop in supply (signaling whale/MM buying) and retest of the 12h 20EMA (signaling rising bullish strength) occurs within the week prior to bull's breakout.
Of course this can still invalidate if it drops under key levels, I'm watching $40.5k and $39k in particular, but the likelihood is higher of a break to the upside in the coming days/week. The massive outflow from exchanges at $41.5-41.8k earlier in the week strike me as a likely range of support here before the bounce, since thats likely someone driving the market, or has a vested interest in seeing bulls rally from here.
In any case, a little downside from here is possible but I'm still expecting a bullish breakout soon.
Of course this can still invalidate if it drops under key levels, I'm watching $40.5k and $39k in particular, but the likelihood is higher of a break to the upside in the coming days/week. The massive outflow from exchanges at $41.5-41.8k earlier in the week strike me as a likely range of support here before the bounce, since thats likely someone driving the market, or has a vested interest in seeing bulls rally from here.
In any case, a little downside from here is possible but I'm still expecting a bullish breakout soon.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.